Here are the stories for this issue:
You can benefit from the ban on imports of SIM cards, as it has created a business boom worth over N55 billion for local manufacturers. This is great news for the Nigerian economy, as it has helped to lift the country out of recession and generated over USD$820m from the auction of spectrum licenses for 5G services. It is also creating more jobs and opportunities for people with the appropriate skills and knowledge.
How do you think the ban on imports of SIM cards in Nigeria has contributed to the growth of the local economy, particularly in terms of job creation and revenue generation? Join the conversation below
Nigeria’s Ministry of Solid Minerals has signed a free mining training deal with Australia’s Ministry of Mining, which will involve sending Nigerian mining professionals to Western Australia to study modern mining technology and practices for free. The aim is to attract foreign direct investments to the mining sector and transform it through initiatives such as the creation of the Nigerian Solid Minerals Corporation, joint ventures with mining multinationals, and the establishment of mineral processing centers. The collaboration with Australia is expected to bring in new knowledge and skills that will have a positive impact on the Nigerian mining industry.
The Federal Government has inaugurated a solar-powered electric vehicle charging station at the University of Nigeria, Nsukka (UNN), with the aim of reducing the use of fossil fuel vehicles and addressing environmental pollution and global warming. The National Automative Design and Development Council (NADDC) is spearheading this initiative to promote technological advancement in Nigeria’s automotive industry and combat the effects of climate change. The project, which is being piloted in three universities, including UNN, encourages further research and development in this area and emphasizes the importance of human capital development.
President Bola Tinubu’s first 100 days in office have been praised by the ruling All Progressives Congress (APC), who claim that his performance has attracted numerous foreign investors to Nigeria. The APC applauds Nigerians for their support in revitalizing the country’s socio-economic sector and believes that President Tinubu’s bold measures to reset the economy will lead to sustainable growth and development, making Nigeria an attractive destination for investment. They urge Nigerians to continue supporting the APC-led administration and express confidence in Tinubu’s commitment to improving the country’s social and economic conditions for all citizens.
The future of startups in Africa, including Nigeria, is uncertain due to a wave of shutdowns and a slowdown in investment. Solar energy is a popular investment product among funders in Africa, indicating the increasing adoption of renewable energy. Kenya attracted the most funding on the continent, followed by Egypt, South Africa, Rwanda, and Nigeria. However, funding volumes have dropped by 26% in the first half of 2023 compared to the second half of 2022, posing challenges for startups and investors in raising funds. Despite surpassing the $20 billion mark for the first time in 15 years, many startups have had to shut down, funds have struggled to meet their targets, and valuations have been written down. Startup funding in Africa totaled $1 billion in the first half of this year, lower than the previous periods.
That’s all for this issue.
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